I posted this chart after the close. The Emini sold off early and fell below last week’s low and the open of the month. It then reversed up from an expanding triangle bottom, which is always a lower low major trend reversal. There was an 11:00 am FOMC report. The bear breakout below the triangle […]
Intraday market update, Tuesday, July 29, 2014: wedge top bear trend reversal
I posted this chart after the close. The Emini had a wedge top bear trend reversal after yesterday’s final flag. The Emini and S&P500 then reversed up from a wedge bottom. The Emini formed a wedge lower high major trend reversal and then trended down into the close. The overall pattern was very similar to […]
Intraday market update, Monday, July 28, 2014: bull trend reversal
I posted the chart after the close. The Emini sold off and tested last week’s low, and then reversed up from a small wedge bottom. It formed a higher low major trend reversal at 9:45 am, and then rallied to a new high of the day, but failed to get above yesterday’s high. Today bounced […]
Intraday market update, Friday, July 25, 2014: island top in the stock market
The Emini had a wedge bear flag below the moving average on the open, and the opening range was about half of an average day’s range. This is a setup for a measured move up or down and a trending trading range day. The bear breakout below the bottom of the wedge was the entry […]
Intraday market update, Thursday, July 24, 2014: bull trend opening reversal
I posted this chart after the close. After a bull trend opening reversal at 7:05 am PST, the Emini made a new high, but it formed a parabolic wedge and an expanding triangle top. This resulted in a deep pullback that ended with a parabolic wedge bottom at 10:10 am. It sold off from a […]
Intraday market update, Wednesday, July 23, 2014: bull trend opening reversal
I posted this chart after the close. The bulls had a bull trend opening reversal at the moving average, but the market then had a parabolic wedge top at 7:45 am. This was followed by a small lower high major trend reversal. It formed as a small double top in a tight trading range, as […]
Intraday market update, Tuesday, July 22, 2014: breakout to an all time high
I posted this chart after the close. The Emini and stock market broke to a new all time high, but the breakout and follow-through were weak. The market entered a tight trading range. The bears were able to test the open of the day in the final hour, but the Emini worked back up into […]
Intraday market update, Monday, July 21, 2014: bear trend reversal
I posted this chart after the close. Today sold off to a parabolic wedge bottom just above yesterday’s low, but the selling lacked consecutive big bear trend bars. This made the selloff more likely a bear leg in a trading range rather than in a bear trend. Also, since yesterday (Friday) was such a strong […]
Intraday market update, July 18, 2014: bull trend reversal
I posted this chart after the close. Yesterday had a sell climax in a tight bear channel so the odds favored a rally today that would last at least a couple of hours. The Emini candle chart had a small pullback bull trend day, and it closed near the open of the week, creating a […]
Intraday market update, July 17, 2014: parabolic wedge top
I posted this chart after the close. The market again rallied above last week’s high, but reversed down from a parabolic wedge top. It formed a wedge bottom at the low of the day and held above the most recent 60 minute higher low. After testing the open, it began a small pullback bear channel […]